Chinese consumers, unshackled from COVID-19 restrictions, are returning to hotels, restaurants and some shops, but they are choosy about what they buy, disappointing hopes for an immediate post-pandemic splurge, reports Reuters.
China’s battered property market, lingering worries over job stability, and government parsimony in wages, pensions and medical benefits are keeping shoppers cautious.
Analysts say their prudence adds pressure on policymakers, who have flagged boosting domestic demand as a top priority, to further stimulate the economy. But direct consumer subsidies are unlikely, sources told Reuters last month.
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